Triplex with New
For Sale
$450,000
621 North Lime Street, Lancaster, PA 17602
Residential triplex with three occupied units, varied bedroom counts, and recently replaced major building components.
Property Size2,307 SF
Price / SF$195.06
Days on Market166
Property Features for 621 North Lime Street
General Information
Standard status
Active
Size
2,307 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RESIDENTIAL
Occupancy
100%
Net Operating Income
$22,359
Units
Unit Mix
1 x 1BR, 1 x 2BR, 1 x 3BR
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,477
Amenities
No Pool
Above Grade
Building Details
Year Built
1900
Buildings
1
Tenancy
Multi
Listing Agency:
Keller Williams Elite
(717) 621-8404
Listed By:
Christen Tribbitt · License #RS353502
(717) 621-8404
Source:
Compass
Added: Mar 18
Changed: Aug 30
Last Checked: Aug 30 at 3:14AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Elite
Investment Insights
Based on property information with market context.
This residential triplex contains 2,307 square feet and was built in 1900. The unit mix includes one one-bedroom apartment, one two-bedroom apartment, and one three-bedroom apartment. All three units are occupied, providing an established rental configuration for a new owner. Recent capital improvements include a new roof and hot water heater.
The property is located at 621 North Lime Street in Lancaster, Pennsylvania, near Lancaster General Hospital. Residential zoning supports the existing multifamily use, while the varied apartment sizes serve households with different space requirements. The property is within the School District of Lancaster and is associated with McCaskey High School.
The property is located at 621 North Lime Street in Lancaster, Pennsylvania, near Lancaster General Hospital. Residential zoning supports the existing multifamily use, while the varied apartment sizes serve households with different space requirements. The property is within the School District of Lancaster and is associated with McCaskey High School.
Key Highlights
- Three‑unit residential property with 2,307 square feet
- Unit mix includes one 1‑bedroom, one 2‑bedroom, and one 3‑bedroom unit
- All units are currently occupied
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$25,769
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.73%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$515,380
$515.4K
Cap Rate 7%
$368,129
$368.1K
Cap Rate 9%
$286,322
$286.3K
Market Conditions
NOI Build-Up for 2,307 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$37.4K $16.20/SF
− Vacancy
−$561 −$0.24/SF
EGI
$36.8K $15.96/SF
− OpEx
−$11.0K −$4.79/SF
NOI
$25.8K $11.17/SF
Area
Lancaster County, PA
Vacancy
1.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$515,380
Cap Rate 7%
$368,129
Cap Rate 9%
$286,322
Alternative Uses
Best Use
Multifamily LT 5
$368.1K
$322.1K – $429.5K
NOI $25,769 @ 7.0% cap · market cap 5.73%
Second Best
Apartment 5plus
$324.6K
$284.1K – $378.8K
NOI $22,725 @ 7.0% cap · market cap 5.05%
Theoretical Best
Office A
$773.1K
$676.5K – $901.9K
NOI $54,116 @ 7.0% cap · market cap 12.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,306
Businesses Nearby
Explore this area
Business Placement
Demographics for 17602, PA
52,665
Population
19,472
Households
2.7
Avg Household Size
37
Median Age
28%
College-Educated
83%
High-School Grad
24.6 sq mi
ZIP Area
2,141
Density / Sq Mi
$71,752
Median Household Income
$38,469
Median Earnings
$1,272
Median Rent
$250,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Residential triplex with three occupied units, varied bedroom counts, and recently replaced major building components.
Where is this triplex located?
The property is located at 621 North Lime Street Lancaster, PA.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Three‑unit residential property with 2,307 square feet; Unit mix includes one 1‑bedroom, one 2‑bedroom, and one 3‑bedroom unit; All units are currently occupied
